POSCO has steeled itself for any set of business conditions. The company makes hot- and cold-rolled steel products (plate steel, stainless steel, electrical steel, and wire rods), which it sells to the auto, shipbuilding, home appliance, engineering, and machinery industries. It produces more than 39 million tons of steel a year, making it the world's #3 steelmaker behind ArcelorMittal and Nippon Steel. Majority-owned POSCO Engineering & Construction builds industrial facilities such as steel plants and energy plants. POSCO Energy is Korea's largest private power generator, and subsidiary Daewoo International is a global steel and raw materials trading company. Most of POSCO's sales are to Korean markets.